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Malaysia’s Maybank Islamic opens branch in Dubai at the DIFC

MaybankKuala Lumpur-based Maybank Islamic has officially set up its first overseas branch in the Dubai International Financial Centre (DIFC), an international financial hub in the Middle East, Africa and South Asia (MEASA) region. The bank is a Shariah-compliant division of Malaysia’s lender Malayan Banking.

Maybank Islamic’s total assets stood at over $57.35 billion as of September 30, 2019.

Dato’ Mohamed Rafique Merican, Group CEO, Maybank Group Islamic Banking and CEO, Maybank Islamic enunciated, “We are delighted to be announcing the launch of Maybank Islamic’s operations in Dubai. The opening of our DIFC branch is indeed significant for us. Not only does this mark our very first overseas branch, but it also establishes us as Malaysia’s first Islamic bank to have a presence overseas.”

He articulated, “With Dubai being a leading Islamic economic centre, it was timely for Maybank Islamic to be here to tap into the increasing demand for financing in the global halal economy and to become a link between the GCC countries and the world’s 5th largest economy that is the ASEAN Economic Community. Indeed, we look forward to making the Dubai DIFC branch our hub for the MENA region.”

Maybank Islamic was granted a full Islamic banking licence from the Dubai Financial Services Authority (DFSA) in July 2019, to open a branch in the DIFC.

His Excellency Essa Kazim, Governor of DIFC stated, “The DIFC continues to be a catalyst for growth in the Islamic finance sector, offering sharia-compliant products and services to over 600 million Muslims in the Middle East and Africa region alone. Aligned with the visionary leadership of Dubai to establish the city as the capital for the Islamic Economy, we are committed to continuing to support the growth of sharia transactions in the DIFC and transforming the future of finance. We are pleased to welcome Maybank Islamic Berhad to the home of the region’s Islamic finance with its newly established regional headquarters in Dubai.”

The new branch is headed by Country Manager Nik Joharris Nik Ahmad who has over 20 years of experience in the financial services industry. He has extensive experience, having worked across geographies such as Malaysia, Kuwait, Bahrain and Saudi Arabia particularly in Islamic corporate debt financing.

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